hwk5sec4

# hwk5sec4 - 2 laborers Part d) 4 laborers Problem 5.8 Table...

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Experiment 5 Section 4 Problem 5.1 (Average wage is \$10.06 ) Table 5.11: Experimentally Observed Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 0 14 Session 2 22 0 Session 3 0 0 Problem 5.2 Table 5.12: Experimentally Observed Incomes Session 1 Session 2 Session 3 Total Wage Earnings \$181.02 \$151.01 \$518.99 Total Income of Unemployed \$168.00 \$187.00 \$0.00 Total Income of All Workers \$349.02 \$338.01 \$518.99 Total Profits of Firms \$98.98 \$48.99 \$266.01 Sum of Total Income of Workers and Profits of Firms \$448.00 \$387.00 \$785.00 Problem 5.3 Part a) rose by \$5.04 Part b) fell by \$11.01 Part c) fell by \$49.99 Part d) yes Part e) yes Part f) no Part g) yes Problem 5.4 Table 5.13 Labor Supply Table Wage Range Labor Supplied Wage < \$5 0 \$5<Wage<\$12 16 Wage>\$12 32 Problem 5.5 Part a) 0 laborers Part b) 1 laborer Part c) 2 laborers Problem 5.6

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Table 5.14: Market Labor Demand Table--Session 1 Wage Range Amount Demanded Wage > \$20 0 \$10<Wage<\$20 10 Wage<\$10 20 Problem 5.7 Part a) 0 laborers Part b) 1 laborer Part c)

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Unformatted text preview: 2 laborers Part d) 4 laborers Problem 5.8 Table 5.15: Market Labor Demand Table-Session 3 Wage Rate Amount Demanded Wage>\$30 \$25<Wage<\$30 10 \$20<Wage<\$25 20 Wage<\$20 40 Problem 5.9 Figure 5.7: Supply and Demand-Sessions 1 and 2 Problem 5.10 Figure 5.8: Supply and Demand-Session 3 \$0 \$5 \$10 \$15 \$20 \$25 \$30 \$35 \$40 \$45 \$50 8 16 24 32 40 48 56 Number of Laborers Wage Rate \$0 \$5 \$10 \$15 \$20 \$25 \$30 \$35 \$40 \$45 \$50 8 16 24 32 40 48 56 Number of Laborers Problem 5.11 Table 5.16: Predicted Wages and Profits Session 1 Session 2 Session 3 Average Wage Rate \$10 \$15 \$20 Total Employment 16 10 32 Total Profit of Firms \$100 \$50 \$150 Total Wages of Employed Workers \$160 \$150 \$640 Problem 5.12 Table 5.17: Predicted Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 16 Session 2 22 Session 3...
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## This note was uploaded on 12/25/2011 for the course ECON 1 taught by Professor Bergstrom during the Fall '07 term at UCSB.

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hwk5sec4 - 2 laborers Part d) 4 laborers Problem 5.8 Table...

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